According to four-day trading prices at the Mean of Platts Singapore, the price of gasoline, diesel, and kerosene may potentially rise from P1.10 to P1.50 per litre.
The Department of Energy stated that the high demand for crude oil and the risk of a supply decrease from the Middle East due to unrest are driving the price increase of petroleum products.
Additionally, the increased stockpile of US crude and the disruption in petroleum product navigation at the Red Sea and Suez Canal contribute to the price hikes in petroleum products.
Based on the forecast from the Organization of Petroleum Exporting Countries, there will be a more severe need for oil this year. The global oil demand is expected to grow by 2.2 million barrels per day.
Last Tuesday, the price of gasoline was reduced by P0.60 per litre, diesel by P0.10 per litre, and kerosene by P0.40 per litre.
The final adjustment in the prices of petroleum products will be known on Monday, and will be implemented on Tuesday, February 20, 2024.
(Photo by Vera Victoria)
